martin shalumov

😎

[Bill Ackman @BillAckman]

I think President @realDonaldTrump’s goal of reducing credit card interest rates is a worthy and important one. My concern about capping rates at 10% is that doing so will inevitably cause millions of Americans to have their cards cancelled as credit card companies lose the ability to adequately price subprime credit risk.

Consumers denied credit cards will be forced to turn to loan sharks whose rates and terms will be vastly worse for borrowers. While 20% or more is a high rate, loan sharks can charge multiples of these rates, and the cost of default can be physical harm or worse.

I have no investments in the credit card space so I am not the expert, but the market for credit cards appears highly competitive. The best way to bring down rates would be to make it more competitive by making the regulatory regime more conducive to new entrants and new technologies.

I commend the President for his focus on affordability for all Americans. Mortgage spreads and rates are coming down significantly due it his actions. Finding a way to bring down credit card rates without taking credit away from many Americans would have a very positive impact on the most disadvantaged Americans.

[martin shalumov @martinshomes]

@UplandMe Awesome 😎

[Upland @UplandMe]

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More about Nodes in Upland 👇

[martin shalumov @martinshomes]

Get educated https://t.co/SuyL2eFFYd

[martin shalumov @martinshomes]

I just turned on Tips for my profile. Appreciate you. #SendTips

[martin shalumov @martinshomes]

@BitcoinMagazine How can someone with access to so much information be so wrong and have all his facts all fu ked up

[martin shalumov @martinshomes]

@Yiiny3